Nama Chemicals turned to profitability by 4.9 million riyals in the third quarter

Nama Chemicals Company was able to turn to profitability after achieving profits of 4.86 million riyals during the third quarter of 2021, compared to losses of about 9.9 million riyals in the same quarter of 2020.

Nama Chemicals said in a statement on Saudi Arabia's Tadawul, today, Sunday, that the reason for achieving net profit during the third quarter of 2021, compared to the same quarter of the previous year, is due to the high Average selling prices of most finished products, lower financing charges, lower provision for doubtful debts.

During the first nine months of 2021, Nama Chemicals turned into a net profit after zakat and tax of about 24.4 million riyals, compared to losses of about 20.57 million riyals in the same period of 2020. .

The company stated that the accumulated losses amounted to 46.968 million riyals as on June 30, 2021, which turned into accumulated profits of 97.345 million riyals as on September 30, 2021, and this was done. Through the sale of shares of the National Petrochemical Company Yansab during the third quarter of the year 2021.

And she added that the net proceeds from the sale of Yansab shares, amounting to 139.65 million riyals, were transferred to the Saudi Industrial Development Fund as a partial one-time payment, in return for repaying the company's loans with the Fund, which It led to a significant improvement in the company's key financial ratios from June 30, 2021 to September 30, 2021.